Student loan help

[sl0]

Id be grateful for your advice.

I need to take out a tuition fee loan and a living costs loan for university. I know interest is haram however there is no other way around it. I need to go to university so i can get an education to get a good job so i can support myself if need be. Im female and i believe its still necessary for me to do this because even if i do get married and have children enshallah, i still never know what is around the corner. One day i might find myself alone and having to support myself or if i have children. By having a good job i will be able to do this, but i to do this i need an education.

Id like your opinions on this please.

[Mace]

I don't know what country you live in. But here in the US, for example, people do offer Islamic loans and financial assistance for college.

I don't know how legitimate they are from a religious perspective or how expensive they are. But our MSA in our school did set some people up with these programs. Perhaps the MSA in your school can help?

I hope it works our for you. Education is a wonderful and absolutely essential investment in my opinion.

Good luck.

[Hisham Abu]

I'm going to be honest, I am in a similar boat to you. Student Loans are haram, and with the interest rate now increasing to 4.8% APR, in comparison to other commercial loan companies selling at 6.4% APR, it's similar, if not the same as taking out a loan, in fact it is taking out a loan with high levels of interest (usury, riba).

The only Islamic alternative I can see is to work to pay your way through university. I don't know how viable this is.

Student loans are Haram, don’t think otherwise even if you are going to do it.

[Asiyah576]

student loan is haram...it's riba and if it was me I won't even go near to making that dicision...I know getting an education is good thing...and that you will be successful in the future...but if you just think bout it's "riba"....your gettin education for nothin ...that money you make from that is haram for you and your kids to use...in my opinion there is just no benefit from that...sometimes people just think that it's okay..becuase you will be successful in the future...but no this is completely haram...

there are many others ways you can pay for tution ...umm you can work part-time and go for part-time at college...you can also work for 2/3 years ..and save that money...I hope that helps..

[Rouz]

I'm going to be honest, I am in a similar boat to you. Student Loans are haram, and with the interest rate now increasing to 4.8% APR, in comparison to other commercial loan companies selling at 6.4% APR, it's similar, if not the same as taking out a loan, in fact it is taking out a loan with high levels of interest (usury, riba).

The only Islamic alternative I can see is to work to pay your way through university. I don't know how viable this is.

Student loans are Haram, don’t think otherwise even if you are going to do it.

I know its all haram and ive been getting quite upset about it. Even if i worked through uni it wouldnt help pay for tuition fees and living costs, i am planning on working through uni and summer holidays to try and pay it off asap. I dont know how these islamic loans work to be honest.. wouldnt it be just as bad? I dont really think i have much alternative...

[Hisham Abu]

I know its all haram and ive been getting quite upset about it. Even if i worked through uni it wouldnt help pay for tuition fees and living costs, i am planning on working through uni and summer holidays to try and pay it off asap. I dont know how these islamic loans work to be honest.. wouldnt it be just as bad? I dont really think i have much alternative...I don't know anything about Islamic (student) Loans.

I'm afraid I cannot be of much help, and I do not know of any other alternative. The way in which the systems of the west have been set-up leaves very little choice but to get a student loan. But it is not Halal.

[mizfissy815]

Riba is haraam...however you look at it. There are alternatives, like everyone said- work part-time and through the summer and/or take a gap-year if necessary. Whatever happens, you need to remember that University education- no matter how useful it is, is NOT necessary. Don't try convincing yourself (or others) that the 'rules of necessity' will apply here, because it won't.

[mbringinsxyback]

I Think you should go for it because your not doing it to get money your doing it because you have to im sure that counts toward something i also took a student loan i dont see the big deal

[GuCcI]

oh my friend is part of this loan thing, heres how it works:

a bunch of women get together and say, pays a sum of $500 every month for like a period of time, say a year or 2. and then all the money goes to each person at a time as a huge lumpsum, say if they wanna buy a car or something. so my friend does it to pay her tution fees.

the key here is to have a bunch of committed people who u know wont run away with your money once they get the lumpsum. the reason this works is because ur paying anyway and its like saving, but, bit by bit and u receive a whole bunch of money at once but u dont pay anyone back after u get it cuz uve been 'paying' for it the whole time... kinda confusing... :confused:

[Mullah_Din]

It's worrying when people start off their 'adult life' as to say attennding university with Haraam money! We are Muslims - we have extended families and we MUST help each other! What good will knowledge be, be it secular, when one starts with Haraam money!
I know its tough - but, so are the rules regarding Halaal & Haraam!

Wassalaam,

[sl0]

oh my friend is part of this loan thing, heres how it works:

a bunch of women get together and say, pays a sum of $500 every month for like a period of time, say a year or 2. and then all the money goes to each person at a time as a huge lumpsum, say if they wanna buy a car or something. so my friend does it to pay her tution fees.

the key here is to have a bunch of committed people who u know wont run away with your money once they get the lumpsum. the reason this works is because ur paying anyway and its like saving, but, bit by bit and u receive a whole bunch of money at once but u dont pay anyone back after u get it cuz uve been 'paying' for it the whole time... kinda confusing... :confused:

Didnt understand any of that sorry!

Thanks for your replies everyone. Im not going to university because i want to, or because i want knowledge. Im going because at the end of the day i need to be able to support myself in the future. If i had it my way i wouldnt go at all (the prospect of all this studying and stress worries me), get married in a couple of years have a lovely husband who would be able to support me and if i had kids. But the real world doesnt work like this. Even if this does happen who knows one day i might end up by myself and have to work to live. Now im not saying interest is halal. Its haraam. Can someone provide the evidence that inflation is prohibited? Thanks

[tanz]

:salams:

im in a similar situation. I decided to take the maintenance loan out in the end. even though im studying from home. i took it out cuz i still have the tuition fee to pay and my parents arent really in a situation to help me with that. and like no one wants to hire me!lol...anyway when i took the loan out i assumed they wouldnt be haraam cuz there in no interest. the extra money u have to pay back is in line with inflation. so im a bit :confused: nw!